KeyCorp Forecasts Strong Price Appreciation for Okta (NASDAQ:OKTA) Stock

Okta (NASDAQ:OKTA - Free Report) had its price target lifted by KeyCorp from $115.00 to $125.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities research analysts have also issued reports on OKTA. Canaccord Genuity Group upped their price target on Okta from $82.00 to $94.00 and gave the company a "hold" rating in a research report on Wednesday, December 4th. Mizuho dropped their price target on Okta from $104.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, October 17th. Guggenheim reissued a "buy" rating and set a $130.00 price target on shares of Okta in a research report on Wednesday, December 4th. Needham & Company LLC reissued a "buy" rating and set a $115.00 price target on shares of Okta in a research report on Tuesday, February 4th. Finally, BMO Capital Markets upped their price target on Okta from $103.00 to $105.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $105.45.

Okta Stock Down 3.9 %

Shares of OKTA traded down $3.96 during trading on Tuesday, reaching $96.31. The company's stock had a trading volume of 2,073,026 shares, compared to its average volume of 2,460,994. The company has a fifty day moving average of $87.19 and a two-hundred day moving average of $82.31. Okta has a twelve month low of $70.56 and a twelve month high of $114.50. The company has a market cap of $16.50 billion, a price-to-earnings ratio of -275.86, a P/E/G ratio of 6.58 and a beta of 1.03. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insider Activity at Okta

In other news, CEO Todd Mckinnon sold 233,028 shares of the company's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $82.31, for a total transaction of $19,180,534.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,704 shares of the company's stock in a transaction on Monday, December 30th. The shares were sold at an average price of $80.50, for a total value of $217,672.00. Following the sale, the insider now directly owns 24,462 shares of the company's stock, valued at approximately $1,969,191. This represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 980,908 shares of company stock valued at $85,025,665 over the last 90 days. 7.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Okta

Hedge funds have recently bought and sold shares of the business. Bank of Jackson Hole Trust purchased a new stake in Okta in the 4th quarter worth about $25,000. Itau Unibanco Holding S.A. purchased a new stake in Okta in the 3rd quarter worth about $25,000. Blue Trust Inc. lifted its stake in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company's stock worth $28,000 after acquiring an additional 191 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in Okta in the 3rd quarter worth about $32,000. Finally, TD Private Client Wealth LLC lifted its stake in Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock worth $37,000 after acquiring an additional 456 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.